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Tuesday, May 21, 2024

Petroleum. A huge deposit was discovered, one of the largest in the world

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The Galp oil company has discovered an oil deposit on the coast of Namibia, in southern Africa, considered to be one of the largest in the world. According to preliminary estimates of the Portuguese company, the deposit's reserves are at least 10 billion barrels of crude oil.

According to the Lisbon television station CM TV, the deposit found is the eighth largest in the world. It was recalled that since 2000, the Portuguese company has discovered four oil deposits, which are among the twenty largest. The Galp company, which confirmed the discovery of an offshore deposit, stated in a press release that “it is a very important discovery in commercial terms” and also announced its intention to sell 40 percent. shares in the block where new deposits of raw material were found.

The company's value is up

Portuguese media report that following the announcement of the discovery off the coast of Namibia, the value of Galp increased on the Lisbon stock exchange by over EUR 2.2 billion. In addition to the exploration and production of crude oil and natural gas, Galp also deals with fuel storage and sale. The Portuguese concern has over 700 gas stations. The main shareholder of Galp is the Portuguese company Amorim Energia, which holds 35.8 percent. its shares, and 8 percent belongs to the state-owned company Parpublika. The remaining 56.3 percent shares in Galp are dispersed among smaller shareholders.

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Main photo source: Shutterstock

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